Some corporations that use over-the-counter swaps say they face greater risk exposure and higher trading costs because of futurization, which has been prompted by regulations and clearing requirements. Market participants are questioning how the swaps market will evolve. "The reason the swaps market has become so big is precisely because of its ability to be customized," said Tom Deas, treasurer of FMC. Regulators "have taken what had been a balanced situation, and they've exacerbated it and made it unbalanced."

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